India’s goods exports fell by 2.15 per cent year-on-year to $27.95 bn in September after a positive run between April and August. The decline is hoped to be temporary, owing to a high-base effect. Imports saw a rise of 10.45 per cent to $41.9 bn during the month, bringing down the trade deficit to $13.98 bn, according to Commerce Ministry data.
In the first six months of the current fiscal, exports posted a growth of 12.5 per cent in dollar terms. Imports grew 16.1 per cent, according to a report. October will witness good growth in dollar terms and will match the current trend, Commerce Secretary Anup Wadhawan said recently in New Delhi. Overall exports in September at $28 bn is the minimum needed to reach the $350-bn mark milestone in 2018-19, according to the Federation of Indian Exporters Organisations (FIEO).
Several items, including petroleum products, chemicals, drugs and pharmaceuticals, cotton yarn and fabric, handloom products and plastic, posted an increase despite the fall in exports. Textile ministry had last month roughly estimated export growth for 2018-19 to be about 16 per cent, which was the average growth figure for the April-August 2018-19 period. Exports grew 9.8 per cent in 2017-18 to $302.84 bn.